Top Audit Firms in Dubai planning has to also take into consideration the framework of the procedure for the external audit. While every audit may have unique details, all audits have some steps every day.
Establish What Your Goals Are
Top Audit Firms in Dubai planning of your audit consists of several essential steps, one of which is determining what you want to achieve from the audit. This will assist you in deciding what is required from the audit moving forward.
Make the Audit Publicly Known
Everyone in your organisation, including senior management and other stakeholders, should know that the audit is currently taking place.
Have a meeting at the entrance of the audit
Provide a presentation detailing your goals, the steps that will be taken to achieve them, and the timetable for the audit’s conclusion.
After finalising your action plan, you may move on to the auditing procedures. This will involve comprehensively examining your security system and testing the controls.
Examine and Disseminate the Obtained Findings
The results of your audit need to be assessed and then conveyed to your committee and your personnel.
Have a Meeting to Close Off the Audit.
Follow up with your whole team to ensure that everyone is on the same page regarding the findings of the audit as well as any potential next steps for remediation that may need to occur.
The report of the external auditor is the work that is complete at the end of the audit. This report will review what the auditor examine, whether the financial statements are present fairly and whether the auditor believes that any internal controls have a significant deficiency or a material weakness. The report will also discuss whether the auditor believes any internal controls have a significant defect or a material imperfection. Use that report as a guide for your further actions, and use it to prepare for the auditor’s next visit, whenever that may be.
Collect Evidence to Support Your Operating Practices
An excellent place to begin is by ensuring that all internal procedures are in place. After that, independent auditors will participate in the audit process by requesting supporting materials. They will want to review the documents about the policies, the financial accounts, the accounting records, and the “process artefacts” (evidence that your internal processes are working as intended).
Create a list of documents demonstrating the present internal control structure base on the business processes that were determine in the stage before this, and then go through and look at those papers. Another gap analysis form for determining whether or not your documentation is accurate and comprehensive, this one can find here.
Reciprocal ROAR Can Help You Succeed in Your Upcoming Audit
Risk assessment software can help you get off to a good start with audit planning, which can be a challenging process in and of itself. The Reciprocity® ROAR Platform can assist you in finding solutions for your subsequent external audit if you are looking for such solutions.
Our platform offers a unified, integrated experience that makes it simple for you to track your compliance efforts across departments and rapidly generate audit reports quickly. Reciprocal ROAR provides you with every instrument you may require to ensure the success of your subsequent audit.
Reciprocity During the programme setup, audit generation, or finding identification process, ROAR will automatically construct relationships and assign work that is connect to those relationships.
Its operational dashboards may give visibility into the state of audit evidence collection, control efficacy, findings, and other indicators, enabling you to keep the process moving forward and explain your compliance posture.
By using the Reciprocity ROAR platform, you can obtain a unified and real-time perspective of risk and compliance. This provides you with the insight necessary to make sound decisions that will keep your organisation safe and earn the trust of your stakeholders.
Make an appointment for a demonstration immediately
The very first external audit that your firm undergoes can be rather stressful. Your company will ask to provide a substantial amount of information by the Top Audit Firms in Dubai. However, if you want to get ready for the audit in advance, there is an equivalently significant amount of information available about the appropriate procedures for audits and how they should carry out.
The scope and the benchmark against which your business will audit will determine how your audit experience will differ from that of other companies. The following are a few of the most critical steps that can assist you in getting ready for your first external audit plan and achieving a successful conclusion.